A Multiplan It can sell shares if it finds a “good opportunity”, but it sees no desire or need for any movement like this at the moment, said this Friday (25) the CEO of the shopping center operator, Eduardo Peres.
“Can I open and sell some other stake? Maybe, it depends on the price, it depends on whether we are going to move an asset that we have a very tight stake in,” said Peres in the company’s earnings call, together with the financial director, Armando D’Almeida Neto. Multiplan released its third quarter balance sheet on Thursday night (24).
“If it’s a good opportunity, we’ll explore it. If it’s not, we won’t do it. Here there is neither the desire, nor the obligation, nor the need to sell absolutely anything.”
Eduardo Peres, CEO of Multiplan
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Mall renovations
The executives also said that Multiplan will continue with mall revitalizations next year and in part of 2026, but that they will be more specific and less structural. They expect a boost in sales in these units due to the revitalizations.
“I think that much of what we are experiencing in terms of results and growth comes from that (revitalizations)”, stated the president, adding that they will continue for at most the next year and a half.
“It’s a case of recovering what we stopped doing during the pandemic… We found ourselves forced to reform a lot of things that were left behind,” said Peres.
D’Almeida Neto highlighted that after this period, investments in revitalizations should return to “normalized” levels.
Multiplan totaled investments of R$235 million in the third quarter, more than double the amount invested in the same period in 2023, with the increase driven mainly by shopping mall expansions. The amount was also directed to revitalizations in 13 shopping malls, the company added in its results report the day before.
The shopping center operator reported growth of 6.1% in net profit between July and September compared to the same period last year, to R$ 279.6 million, a result higher than the average estimate of analysts consulted by Lseg, of R$ $264.6 million.
Analysts at Itaú BBA classified the balance as “neutral”, with results in line with expectations, in a quarter marked by solid operational numbers, including good sales performance, lower occupancy costs and record margins.
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Scenario in BH and RS
The executives also said that the company is not expected to complete the works on the first phase of the Golden Lake residential development, in Porto Alegre, in 2024, as planned, given the climate catastrophe that hit the State of Rio Grande do Sul earlier this year.
The end of works on Lake Victoria, Golden Lake’s first condominium, “probably won’t happen in the fourth quarter as we imagined”, said the financial director, citing the rains in RS, which delayed the delivery of materials and made access to labor.
Until September this year, the project had 66% of the 94 units sold. The second phase of the project (Lake Eyre) had its pre-launch announced last month and construction is expected to begin in June 2025.
Regarding Belo Horizonte, the president of Multiplan praised the square and said that there are “very good opportunities” to expand and bring other activities to BH Shopping and Pátio Savassi, in the region.
Peres said there is the possibility of “almost doubling” the company’s Gross Lettable Area (GLA) level in the city.
“It’s a challenge because there are some shopping malls there that are already… within a land that is already quite built up, but that continue and have room to grow further.”
Eduardo Peres, CEO of Multiplan
At around 1:30 pm (Brasília time), Multiplan’s shares had a negative change of 0.04%, after rising around 2% in the first deals of the day. Ibovespa, the reference index for the Brazilian stock market, lost 0.03%.
(By Patricia Vilas Boas)
